We just put the FOR RENT sign up and posted the ads online … it’s official … our character home renovation project is darn near complete.
We have some work to do in the yard and we have to put numbers on the house still – but otherwise we are done! And we are really proud of how it turned out.
We are playing a small role in an ongoing transformation of a neighbourhood and that alone is pretty cool. In the short term we have turned an ugly old house into a beauty. We will not make a ton of money on this each month once it’s rented but we’ll carry our costs for now. In the long run we have so many options for profit because of its zoning, location and size. This is just phase 1 of a multi-phase project. And phase 1 was challenging but satisfying!
So now I just have one question for you … WHAT DO YOU THINK?
Outside Pictures: BEFORE and AFTER
The exterior was a major project and we’re still working on the landscaping. We redid the roof (removed four layers of roofing), took down the chimney, brought the plumbing inside, trimmed a lot of trees, removed two sheds and a garage. We also dumped a truckload of gravel onto the two driveways and repaired our neighbours rock wall that came down during the demolition. 
Interior Renovation Pictures:
This was the upstairs bathroom:
This is the new upstairs bathroom:
These are two of the bedrooms:
These are the bedrooms now:
These were the stairs before we scraped the black paint, stained the wood, and added a beautiful hand rail.
And here is the stairway afterwards:
I could include dozens and dozens of photos but here are three final ones to give you a sense of the living area before and after (sorry for such a different angle on the room in the after shot of the dining room … didn’t have two that matched). Not dramatically different but improved.
Just like a Golden Globe Winner has to thank everyone and their dog for their award, we do too!! This was an enormous project. We had at least 27 different people touch this project and we still have some odds and ends to complete (blinds, landscaping and the furnace is going in tomorrow!). All the folks who worked on this home were pretty darn awesome!! We are very grateful to have such a reliable and hard working team in Nanaimo!
BUT … I have to give a HUGE shout out to the best carpenter we’ve ever had. We are VERY grateful we had him on this project full time. He was there almost every day working on the interior of the home. He solved problems and watched costs … a great combo for an investors team! If you are in Victoria you are lucky enough to have him in your city and he has his own company now. Here’s his card:
We also got hooked up with some staging awesomeness from KISS Home Staging which really gave this project a lovely final touch. If you are in the Nanaimo area and want someone to make your home sale or rent ready, check them out. They have services starting from $200. The furniture and decor they added to our home this week really made it POP!!
So … now all that’s left is to rent it (and even that is looking good after our first showing!!) and hear what you think!?!! Which change was your favourite??
Posted in Real Estate Investing Renovating by .
A scientist named Roy Baumeister did a study where he had students fast for a time before they arrived at his lab. When they arrived, the entire lab smelled like freshly baked cookies. In front of them were a bowl of cookies and a bowl of radishes. One group was allowed to eat the cookies while the other one was only allowed to eat from the bowl of radishes.They were left alone in the room for awhile … and while none of the radish group cheated they stared longingly at the cookies. Some even touched and smelled them.
These students were then brought into a different room to work on a puzzle that could not be solved. They didn’t know the puzzle had no solution and thought it was an IQ test. The real test was on their perseverance. The researchers wanted to know how long they would try to solve the puzzle. The cookie eaters worked for an average of 20 minutes before quitting. The radish eaters, however, quit after an average of 8 minutes. A control group not involved in the cookie test also tried the puzzle for an average of 20 minutes.
The conclusion – the radish eaters depleted their willpower reserves resisting the cookies, leaving little left to push through the puzzle.
Where am I going with this?
Well, let me ask you a question. Have you made a list of New Years resolutions? Have you boldly declared that this is the year you’re finally going to drop 20 pounds, be nicer to your mother-in-law, improve your credit, stop buying electronic gadgets you don’t need and buy 2 investment properties?
If you have created a list of resolutions let me save you the disappointment right now. It’s like trying to resist the cookies, solve the puzzle and be friendly and kind to the cookie eaters all at the same time. You don’t have enough energy and willpower to do it all at once.
Grab that list with both hands and rip it up into little itty bitty pieces.
It’s not going to happen so let’s not try to pretend that it will. It’s not your fault – we all have a limited amount of willpower and need to focus it!! It’s just like the experiment found.
Now I am not saying don’t make ANY resolutions. I believe it’s worth aspiring to make each year your best yet. For that reason I support ONE resolution. What is the ONE thing you can do this year to make it your best year yet?
Ask yourself that and commit to that. If you commit to ONE thing you are much more likely to succeed. It’s like going straight in to solve the puzzle … you will push forward much longer and be much more likely to create the results you are working towards if you only have one primary mission in mind.
In other words if you want to become a real estate investor commit to that right now. Once you get through the learning curve and get your first deal done THEN you can work on training for the marathon or learning to play the flute.
You don’t have to believe me, but you should believe the research.
Wishing you the absolute BEST YEAR YET in 2012.
Image Credit: © Bbbar | Dreamstime.com
Posted in Productivity and Goal Setting by .
“Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forward is a step toward achieving something bigger and better than your current situation.” ~ Brian Tracy
Gratitude is simple and yet it’s also complex.
It’s simplicity is that to have gratitude doesn’t require a course, a spreadsheet or any complex step by step action checklist.
To have gratitude all you do is acknowledge something in your life that you are thankful for.
Despite it’s simplicity, gratitude is powerful.
Years and years ago I was going through a tough time in my life. Dave and I had split up, my mortgage payment had bounced for a second month in a row, I had just started a new job for less money than I had made before I went off and did an MBA. My new job was a commissioned sales job and I wasn’t making any sales. I wasn’t sleeping at night. As if that wasn’t enough stress and torture I smashed my car into a post in the parkade of my condo. Everywhere I turned something horrible was happening.
Three of my friends decided to take me to lunch at a really fancy place where celebrities are always seen in Toronto. They said that something to be thankful for would make me feel better.
None of them had a ton of money so I felt kind of guilty that they would spend a hefty chunk of money on me just to get me out of a funk, but we had a fantastic lunch (one we still talk about today and that was 8 or 9 years ago now).
And they were right. Something to be thankful for was what I needed. I felt grateful to have friends like them.
That tiny thought of gratitude was like someone waving a magic wand over me.
Suddenly I started to see other things I was grateful for. I had some problems but I had a lot going for me too. I got things sorted out at the bank. My credit took a hit from it and I wasn’t in great financial shape at the time, but I was able to pay my bills and get back on my feet after only a few short months.
The job took a little more effort but I started to focus on how grateful I was to have a job. It wasn’t my ideal job and I was struggling to succeed in the box I was in but there was a lot of value I could bring to the company. I shifted my mindset to becoming the most valued employee at the company instead of worrying about all the things I wasn’t able to do. Magic began to happen. I was promoted to manager about six months later and then VP within 2 years of that lunch.
Gratitude can turn the tides for you. When everything is going wrong and nothing seems easy or fun, gratitude for the things that ARE good (and there are ALWAYS good things) can shift the energy around you so that you have more good and less challenging.
I also find that those that give and receive gratitude the most freely and whole heartedly tend to be the ones who have lives that are enriched and fulfilling.
I think it goes back to my feeling that “you get what you focus on“. In other words if you focus on lack then you will find yourself lacking. If you focus on abundance and good things, you will find there is always enough.
So all I want for Christmas is a pair of new cozy flannel pajamas and more gratitude.
<<Totally personal side note – every year we do a draw for Christmas presents with Dave’s family and every year I’m asked what I want. To everyone’s frustration, it’s the same answer … pajamas. I really love cozy pajamas at all times of the year. If you drop by my house without notice there is a VERY good chance you’ll see my PJ’s or my ROOTS sweat pants>>
This year has been one of major growth for me in particular, but for both Dave and myself (and guess what growth means?? lots of challenges!! haha!!). We haven’t faced the challenges alone and it would take an entire book to share all the people, situations and things I am grateful for. I will come back and share a few in the comments over the holidays and I encourage you to take a moment in the comments below to share a few with us too!! Sharing what you are grateful for is a powerful exercise – big or small – don’t be shy to share what you are thankful for.
The more you acknowledge what you are grateful for, the more good things you’ll find coming your way!!
So … with that … I wish you and your family and warm, laughter filled holiday season. We celebrate Christmas but whatever it is you celebrate at this time of year I hope it’s wonderful. And please take a moment to share what you’re grateful for right now.
Here’s a few photos from our Mexican Vacation because I know you love pictures … admit it.
This is most of my family … my brother Dan and his girlfriend weren’t able to join us in Mexico. I am very grateful that we were able to spend 10 days together in Mexico!! It’s been a long time since we all just hung out.
We hit the dune buggies this year. What a fun and absolutely filthy dirty experience!! I am grateful we got to do this AND we didn’t have to take Dave to the doctor afterwards like we did last year (missed that one??)
Cabo San Lucas beach
The boardwalk.
Happy Holidays!!
Posted in Just For Fun by .
Here’s a great way to test your relationship: Buy a couple of lemon properties that are out of town. For added enjoyment, throw in a property manager charged with manslaughter, court ordered repairs and a tenant that stops paying rent and then fights the eviction.
Handle all of those issues while one partner is in school full time
and the other one is in a brand new job.
Our relationship nearly failed the test.
Investing together as a couple has tremendous rewards but sometimes the challenges can feel insurmountable. If you want to gain the support of your spouse, or maybe even their partnership and cooperation, a few of the lessons we’ve learned, just might help
you.
Tip 1: Share a vision
Lack of spousal support holds a lot of people back. They try to convince their spouse to allow them to invest in real estate or to join them but the fact is this:
You can’t convince your spouse to do anything.
What you can do is create a shared vision of what you want your life to look like. With that vision firmly in place, you can then figure out how you can get there together.
Most people dream of a day when both parents can be there to pick up the kids from school or when you can take advantage of a last minute vacation deal without counting vacation days or asking permission from your boss. Few other investment opportunities out there can give you the kind of cash flow, wealth creation and freedom that real estate can give you. So if you start with creating a shared vision you just might find you come to the same conclusion: it’s time to invest in real estate!
Tip 2: Make Each Other Feel Important
It’s so easy to take people for granted and for some reason it’s even easier when you are married to each other. One of the easiest ways to keep your relationship strong as partners and as spouses is to appreciate each other and make each other feel important.
I’m sure you’ve heard it said that “You don’t know what you’ve got until it’s gone.” Don’t let it get to that – recognize and acknowledge all you’ve got in your partner while it’s here and then it’s more likely to stay!
Tip 3: Use Your Differences To Make You Stronger
When I walk into a property I know within two minutes if it’s one I want to own or not. There’s still due diligence required to ensure it’s a good deal but I won’t buy anything I don’t get a good feeling about.
That said, we could never sit across from a private lender, JV partner or our mortgage broker and say “It’s going to be a great
deal because Julie thinks it ‘feels good‘.” That’s where Dave comes in. He’s got the details covered. He makes sure dozens of potential scenarios are accounted for and that we haven’t missed a surprise expense or some other issue with the financial aspect of the home.
The early mistakes we made were either without joint consensus or during a moment when we both were in a highly emotional state.
Today we’re pretty consistent in the amount of money we make from our deals and that’s because we use our dramatically different
approaches to our advantage. But if I tried to fight him on the numbers or if he tried to fight me on my feelings then we’d never
get anywhere. Instead we appreciate what the other person is bringing to the table and know we’re stronger because of it.
Tip 4: You Win Together and You Lose Together
Celebrate your 'team' wins!!
We coached a couple that had a poorly performing property manager. We helped them let go of their property manager and take over management of their property themselves. The biggest issue we faced in helping them was their own issues as a couple. They didn’t have established roles and responsibilities, and worse, it seemed like it was a contest regarding who was doing more work and, therefore, who should do the next task required. We became mediators more than coaches because they were fighting about who should clean, who should show the house to tenants and who was booking the carpet cleaning. The thing they weren’t realizing is: you lose together or you win together – there is no in between.
For us, we have general roles and responsibilities so we can operate smoothly.
These roles are not written in stone though. I pitch in when Dave needs me and he pitches in when I need him. We are not competing against each other. We’re going for a team win. Your perspective as an investing couple will change for the better if you take that approach.
Tip 5: Draw the Line and Don’t Cross It
When we don’t turn off the real estate talk – even just for an hour or two a night – I get overwhelmed and exhausted. It’s so easy to
get excited about a deal or to want to troubleshoot a problem into the night but the reality is that it isn’t a healthy way to live.
You’ll wake up feeling tired, and instead of looking forward to being with each other as husband and wife you’ll feel like speaking
with each other is work.
We are pretty extreme examples because we run two real estate businesses so it can be all real estate all the time at our house.
And we really love what we do so it’s easy to spend a lot of time talking about it. But we find we’re happier together and more effective if we draw lines like:
- No real estate talk after 8pm,
- Phones off at meal times unless there’s something important
going on that has to be dealt with immediately, - No real estate talk with friends unless they start and keep
the conversation going on real estate, - Designate real estate free days.
Real estate investing is not always easy and it definitely can add stress to a relationship when something goes wrong (and something will go wrong – that’s just how it is). At a minimum you’ll need the support of your spouse to get through the tough times, and at best you’ll have the partnership. And, if you’re up for a challenge, the rewards of investing together are pretty incredible.
With these tips hopefully it will be easier to gain the support of your spouse, find a way to work together and collectively create
your freedom filled future.
A VERY PERSONAL NOTE: We haven’t talked about this at all outside a few close friends and family members. It just felt so personal that we didn’t talk about it. But I feel it’s time to share because it just might change your life and your relationship in a VERY good way. I know it’s changed us and I watched it change 8 other people in a really cool and positive way.
Julie & Philip at an event in Denver
After years and years of investing thousands of dollars in our business, marketing and real estate education we finally decided to make an investment in us and in our relationship. We traveled to Bowen Island, BC (a friendly and beautiful oasis on the West Coast) for a weekend put on by Philip McKernan, called BraveCouple. We had no idea what to expect from the weekend but we knew we wanted to spend time dedicated to strengthening our relationship and ourselves.
It’s about deepening your relationship, understanding what is really important to you & your partner, and taking some time out for YOU.
If that resonates with you, I would HIGHLY recommend you take the time out for Philip’s next retreat in February. Besides an incredible location, work that unleashes love, respect & appreciation, and a ton of laughs, you just might find you also gain 8 new and very close friends from the weekend. I know we did!
Here’s where you can learn more: www.bravecoupleretreat.com
Posted in Real Estate Investing by .
We have a vacancy in one of our properties that is managed by a property manager.
It’s located in Kelowna. We normally try to get out to see our properties as soon as a vacancy comes up but Kelowna is not a day trip from Vancouver Island where we lived. So, we planned a trip right after the Investor Forum to check everything out. Since I knew we were going there in a week or so, I didn’t check up on the ads for the property when they got posted at the start of November.
When we arrived at the property in Kelowna, the vacant unit was in ok condition. We decided to do a few improvements to make it more competitive with the new condos (there’s a massive amount of new condos on the market in Kelowna still – making rentals still a little tough there). The condition the unit was in, however, shouldn’t have been keeping tenants from renting it. So then I started to ask more questions.
When troubleshooting why a unit isn’t renting, here’s what to ask yourself or your property manager:
- Are you getting showings? If yes, the issue is with the property. If no, I move to the next potential issue.
- Are you getting calls? If yes, the issue is in how the calls are being handled or possibly something with the unit (i.e. there’s no bath tub, no fenced back yard or something like that). If no, the issue is related to the marketing.
- What’s up with the advertising? Where is the ad located? What do the pictures look like? What’s the rent rate like compared to competitive units? What does the ad say? Is there a sign out front of the property?
Pictures, rent rate and what is in your ad will dramatically change the response rate you get from your advertising.
So when I went through this with our PM and discovered that they had only one call and one showing – and the call came from a friend of the downstairs tenant – alarm bells started to ring loudly in my head as I started to drill the PM about the ads. Where are they? What’s the rent? What are the pictures like?
He gave me all the right answers but I knew something had to be wrong so I set out to find the ads myself. 45 minutes later I still hadn’t found the ad in the main rental site in Kelowna. Frustrated and frazzled I finally looked in the condo section (I’d been looking in houses and partial houses for rent given that this is a main floor of a house for rent). Inside the 340+ condo rental ads there was our HOUSE FOR RENT!
Gee … think that might have had a reason people weren’t calling? And don’t get me started on the pictures … dirty dishes in the sink, rumpled sheets and trash around the unit … no excuse for such bad pictures when the unit is now vacant!!
Our awesome real estate agent in Kelowna (Brenda Bachmann) grabbed her wide angle lens camera and shot some fabulous photos and I set to work creating new ads. The unit is not rented yet but they’ve had more calls in a week than they did in the first 2 weeks of the month AND they have begun to show it more.
The market in Kelowna is slow right now. The time of year and the number of condos for rent are making it tough to fill rentals but bad ads were not doing us ANY favours at all. The PM had written it off because of the above issues and didn’t bother to check where his assistant had posted the ads. We only lost a few weeks by not catching this issue sooner but those are two weeks that might have filled it for December versus January.
So … I share this with you in the hopes that you are quicker to follow my own advice than I was!! And interestingly, a couple of nights ago I interviewed Multi-Family Investing expert Pierre-Paul Turgeon for one of our group coaching calls with our Rev N You Insiders and he indicated that not staying on top of the advertising for vacant units is one of the biggest mistakes he’s made in the past too. It’s a big issue for all investors – single family and apartment building – and one I hope you pay close attention to.
Tired of Pretending to be a Real Estate Investor & Not Having Real Estate??
On another note … if you’re looking for human coaches that care about your investing success we have a couple of coaching programs starting soon … our Bootcamp class begins December 1st. It’s perfect for the rookie investor that wants to FINALLY get that first deal under their belt. We take you by the hand and walk you through all the steps, details and pitfalls to avoid. Get all the details on a webinar replay while the spaces are still available: http://www.realestatemillionairecourse.com/register
I also wanted to let you know that we still have a couple of spaces in our VIP Mastermind group for 2012 available. This is by application and interview only as we only take 5 people. For those 5 people we completely open our doors. We teach you EVERYTHING we do – including our rent to own system. We’ll even help you troubleshoot your own vacancy issues if you have them and work with you to write ads for your own rentals. We’re in your corner 100% for 2012 with our contacts and resources totally open to you – whatever you need to get to your goals we try to help you find. Plus you’ll be there to support and encourage each other for the year in our cozy little group of action taking investors. Should be a FANTASTIC year and we can’t wait to get it started. It’s ideal for the folks who’ve done a deal or two and want help creating their business systems and building a solid foundation for their future as an investor. If you’re looking for someone to have your back and get you really rocking and rolling in 2012 reach out to us. It’s by application and interview only so email Candace at info (at) revnyou.com if you are interested.
Posted in Property Management Real Estate Investing by .
